The Arab Africa Commerce Bridges (AATB) Program declares the profitable conclusion of its 4th Board of Governors (BoG) Conferences, held alongside with the Tunisia Africa Enterprise Assembly (TABM) from 2 July 2024, in Tunis, Tunisia. This occasion marks a milestone in advancing commerce, financial cooperation, and regional integration between Africa and the Arab world.
The eleventh Government Committee Assembly which was held on 1st July featured high-level classes centered on areas reminiscent of agricultural sustainability, meals safety and the financial empowerment of Arab and African nations. The assembly drew participation from key stakeholders and representatives of member establishments, together with the African Export-Import Financial institution (Afreximbank), the Islamic Growth Financial institution (IsDB), the Worldwide Islamic Commerce Finance Company (ITFC), Islamic Company for Funding and Export Credit score (ICIEC), Islamic for the Growth of the Personal Sector (ICD) and Arab Financial institution for Financial Growth in Africa (BADEA).
Mrs. Feryel Ouerghi Sebai, Minister of Economic system and Planning, Tunisia, confused the significance of the “Arab Africa Commerce Bridges” program as a renewed mechanism to consolidate financial relations between Arab and African international locations, highlighting the Tunisian authorities’s enthusiasm to contribute successfully and actively to any joint work geared toward additional linking pursuits for the good thing about all member international locations. The Minister indicated that Arab and African international locations are wealthy in assets and capabilities that qualify them to determine financial, commerce, and funding partnerships in lots of sectors, stating that the AATB Program is an efficient mechanism in supporting financial cooperation between member states.
Throughout his welcome remarks, Prof. Benedict Oramah, President and Chairman of the Board of Afreximbank and Chairman of the AATB Government Committee mentioned, “Lately, a brand new type of cooperation for mutual profit has ushered in a brand new period in Arab-Africa financial relations. The AATB program has additional expanded these relations and supplied a platform for rising commerce and funding relations between the 2 areas. With its give attention to Commerce, Funding, Insurance coverage, and Infrastructure, the Program gives a platform for enhancing this enlargement and deepening of relations. That is notably essential within the context of the AfCFTA which has created an built-in market of 1.3 billion individuals with a mixed GDP of over US$3.4 trillion”.
Addressing the gathering, Eng. Hani Salem Sonbol, CEO, ITFC and Appearing CEO ICD, and Secretary Normal of AATB Program mentioned, “The cultural and financial ties between African and Arab areas have been impacted in latest a long time for numerous causes. Nevertheless, we have now seen many initiatives aiming to strengthen and revive the particular curiosity that has characterised the relations between each areas for hundreds of years. I’m calling on all international locations to make the most of the advantages and actions supplied by the AATB Program. To allow the AATB Program to play its position successfully, we should present the Program and its basic secretariat with the mandatory assets and help, together with remodeling this system right into a regional establishment.”
In step with the AATB Program’s dedication to fostering sustainable financial progress and resilience in each areas, the occasion supplied the platform for stakeholders to strengthen partnerships by the signing of a number of agreements together with:
Letter of Intent for Egypt’s Membership Renewal within the AATB Program: Which goals to spice up Egypt’s exports, help numerous financial sectors, and implement a complete work plan.
Settlement to Assist the Growth of the Widespread African Agro-Parks (CAAPs) Programme: Between ITFC, Afreximbank, and the Discussion board for Agricultural Analysis in Africa (FARA), geared toward offering institutional help for the CAAPs Programme from 2024 to 2026. This initiative is designed to reinforce agricultural productiveness and sustainability in Africa, specializing in creating agro-industrial parks that function hubs for innovation, know-how switch, and financial growth.
As well as, a Memorandum of Cooperation (MoC) between the Tunisian Company for Technical Cooperation (ATCT) and ITFC: geared toward creating and supporting technical capacities and abilities growth in ITFC member international locations. The cooperation covers areas reminiscent of implementing initiatives to help technical capacities, choosing Tunisian specialists for technical help missions, and organizing coaching programs, workshops, and seminars in Tunisia.
A spotlight of the occasion was a panel dialogue on “Bridging the Hole to Assist Meals Safety”. In 2023 Arab-Africa Commerce Bridges Program established a US$1.5 billion Meals Safety Programme to deal with urgent meals safety challenges within the Arab and African area with the goal of enhancing agricultural productiveness, making certain sustainable meals methods, and enhancing the livelihoods of communities throughout Arab and African international locations.
The AATB Program focuses on commerce, funding, insurance coverage, and infrastructure to reinforce financial cooperation. Deliberate initiatives embrace increasing applications, addressing challenges like local weather change and meals safety, and selling collaboration amongst member international locations. This system may also improve capacity-building efforts, enhance entry to financing for SMEs, and encourage innovation and know-how switch by strategic partnerships and world initiatives.
Distributed by APO Group on behalf of Afreximbank.
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In regards to the Arab-Africa Commerce Bridges (AATB) Program :
The AATB Program is a multi-donor, multi-country, and multi-organizations program supported by the African Export-Import Financial institution (Afreximbank), Arab Financial institution for Financial Growth in Africa (BADEA), Islamic Growth Financial institution, the Worldwide Islamic Commerce Finance Company (ITFC) The Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC) and The Islamic Company for the Growth of the Personal Sector (ICD). The Program goals to advertise and improve commerce and funding flows between African and Arab OIC member international locations; present and help commerce finance and export credit score insurance coverage and improve present capacity-building instruments regarding commerce. The Program particularly focuses on supporting the important thing sectors of agriculture and associated industries together with textiles; the well being trade together with prescribed drugs; infrastructure and transport; and petrochemicals, building materials, and know-how.